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May 1, 2023
05/23
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if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from some republicans and mr. trump who i'm not in favor of increased the deficit tremendously during his president and reduced deficit despite the war in ukraine and despite covid, despite a tremendous thing going on of things in the world. and take part in it and you need to support ukraine and need to do anything that we can at this point for democracy under assault and it was under assault on january 6, there's no disputing that. tremendous fears related to i don't see that happens but should that occur, even if he should run i think we're going to have major problems regarding election denial again and was p
if you go back and add up all the deficit and the debt is the cumulation of lack of deficits from the beginning of the republic today today. >> i'm showing on my computer the u.s. debt clock which is ticking away,ng going up but currently show ago $31.7 trillion, with a t, national debt. let's go to the phone lines. first up we have naomi calling from maryland on the democratic line. what's your question or comment? >> good morning and thank you for taking my call. i've heard from...
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Jan 29, 2011
01/11
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this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and the limited time i have today i will focus on three items. the first item i am going to focus on is the foreclosure crisis. i am amazed by the idea that somehow the u.s. economy is going to recover when the problem that was the epicenter of the crisis in the beginning continues. for most of 2010 foreclosure filings exceeded $300,000 per month, dramatic reduction in bank repossession at the end of the year not due to the number of families unable to pay their mortgages but rather the legal problems in the banking system. more problems be setting the financial system because we didn't resolve the
this nation is experiencing an employment deficit, competitive deficit and shared prosperity deficit. the good news is addressing these deficits is the most efficient hallway to resolve the first deficit which is the budget deficit. some policy recommendations on will offer will not encourage any additional spending. i am sure that is good news to members of congress. others will require new spending to ensure the long-term health of the economy and responsible deficit levels in the future. and...
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Jun 9, 2012
06/12
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aren't taxes and deficits the same thing? isn't deficits of future tax? aren't taxes and deficits the only two possible ways of paying for spending? >> they run up deficits and in the long run they run our spending into rough correspondence with each other. [talking over each other] >> whether you are taxing today or tomorrow which is what we call a deficit you're still taxing and those two ways to pay for spending so it seems to me with apologies to the clinton campaign the spending is stupid. >> when we run up a debt today that permits us to doing more taxation or less spending in the future but which of those it is depends on decisions of congress. >> can you offer examples of a nation that has spent and borrow and tax its way to prosperity? >> not sure what you mean by that. prosperity comes from the ability of the economy to produce goods and services. the amount and quality of the labour force and the amount and nature of capital and so on. >> going from theory to actual practice, i look back over the 20th century and the beginning of the 20 first c
aren't taxes and deficits the same thing? isn't deficits of future tax? aren't taxes and deficits the only two possible ways of paying for spending? >> they run up deficits and in the long run they run our spending into rough correspondence with each other. [talking over each other] >> whether you are taxing today or tomorrow which is what we call a deficit you're still taxing and those two ways to pay for spending so it seems to me with apologies to the clinton campaign the...
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Feb 23, 2011
02/11
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, long-term deficit fell by about 2% of gdp as a result of that reform and we generally talk about a trillion dollars over the next detective and i reject that premise going forward in that the president put out a lot of -- there's a lot of choices about the president's budget and that's a budget that a sacrificed the goal they had for about two years which was to figure out how to get the deficit down to about 3% of gdp medium term to stabilize the debt to gdp range. a year ago our budget didn't do that and so we called for a fiscal commission to bridge the gap between our deficits then which were about 3.5 or 4% of gdp and where we wanted to be. this year through the additional things we did on the discretionary side are things like unemployment insurance solvency. pbg reform, fha reform, you know, a whole bunch of areas. we achieved that goal. the president put down a major down payment. if we were to adopt it, you know, from beginning to end, it would be a significant contribution to our fiscal policy over the next decade but as a i said it doesn't solve all our problems so we st
, long-term deficit fell by about 2% of gdp as a result of that reform and we generally talk about a trillion dollars over the next detective and i reject that premise going forward in that the president put out a lot of -- there's a lot of choices about the president's budget and that's a budget that a sacrificed the goal they had for about two years which was to figure out how to get the deficit down to about 3% of gdp medium term to stabilize the debt to gdp range. a year ago our budget...
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Jun 5, 2015
06/15
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obviously deficit spending on something that gives dynamic benefit is different from deficit spending on something that's not. >> when we talk about running up deficits annually, debts over time, the scoring i generally see says if we spend more today we're going to have a positive effect on gdp in years one two, three, drag on gdp in years seven eight and nine in rough terms. is there a way to avoid that impact as we try to balance gdp growth today versus tomorrow? is there a formula that gives gdp growth each and every year? >> it is not a formula but one of the thing that would help is not surprising people right? if you get a fix, you announce it now and you give it a little time so people can adjust to it. then hopefully you can avoid that push against economic growth, you can avoid that and still get the benefits down the road. it is the idea of getting a plan together, maybe having effects phased in over time so you don't get a drag on the economy. >> let me be clear. i am 22 years from retirement. young people think they're more likely to see a ufo in their lifetime than socia
obviously deficit spending on something that gives dynamic benefit is different from deficit spending on something that's not. >> when we talk about running up deficits annually, debts over time, the scoring i generally see says if we spend more today we're going to have a positive effect on gdp in years one two, three, drag on gdp in years seven eight and nine in rough terms. is there a way to avoid that impact as we try to balance gdp growth today versus tomorrow? is there a formula...
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Apr 13, 2013
04/13
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reduction and the best way for us to get out of the deficit, the reduce the deficit is to actually get back into making sure we are educating our work force, creating a work force of tomorrow that is better prepared to compete in world and to regain our position as the copper base of production on this planet so thank you very much. >> the gentleman's time has expired. gentleman from south carolina. >> thank you, mr. chairman for being here. i appreciate very much your willingness to come and put your life on the president's budget for us. i want to start, when i say balanced hymie revenues should be equal to expenses or expenses -- when you say balance we need to have a tax. >> when i say balance, spending cuts and revenue as a balanced approach. >> you mean -- >> not a tax rate that tax reform. >> taxpayers -- >> by closing loopholes. >> when listeners hear you say balance the need to think tax increase because that is what we're talking about. >> the right way to think of it is a balanced approach which is spending cuts. >> right where wrong way -- >> to review the record -- >> to y
reduction and the best way for us to get out of the deficit, the reduce the deficit is to actually get back into making sure we are educating our work force, creating a work force of tomorrow that is better prepared to compete in world and to regain our position as the copper base of production on this planet so thank you very much. >> the gentleman's time has expired. gentleman from south carolina. >> thank you, mr. chairman for being here. i appreciate very much your willingness...
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Jun 30, 2009
06/09
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the bottom line of all of this is that our deficits are soaring. cbo estimated that for the currents fiscal year, we will have a deficit of around $1.8 trillion, or 13% of gdp, which is over twice as large as any deficit we have experienced since the end of world war ii. in percent of gdp terms. looking at fiscal 2010, the next year, doesn't look a whole lot better. a deficit of something on the order of $1.4 trillion or 10% of gd perform and even looking out over the full ten-year period, the cbo projections of what the president's policies will entail, are pretty, pretty bleak. the specter of a financial disaster is no longer two or three decades away. in short, the wolf is -- if the wolf is not at the door, we should look for him in the foyer. [laughter]. >> all of this points -- all of it puts the fiscal imperative front and center as we consider the size and the shape of fundamental health reform. in contrast to 1994, this time around, we have to ask how can reform contribute to a broad effort to bring future deficits down? this is no mean fea
the bottom line of all of this is that our deficits are soaring. cbo estimated that for the currents fiscal year, we will have a deficit of around $1.8 trillion, or 13% of gdp, which is over twice as large as any deficit we have experienced since the end of world war ii. in percent of gdp terms. looking at fiscal 2010, the next year, doesn't look a whole lot better. a deficit of something on the order of $1.4 trillion or 10% of gd perform and even looking out over the full ten-year period, the...
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Dec 6, 2017
12/17
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deficits can't be eliminated with tax increases. we cannot tax enough to fill the hole. we have to address mandatory spending which keeps growing year after year. nearly doubled during the obama administration are friends across the aisle never really said much but it's real, we ought to go to the root cause and not claim that is making tax cuts to make our economy more vibrant and to improve the quality of life for more americans. it's easy to see how on a more personal level families and workers will benefit. sometime a more human focuses left out, and that is a mistake. in our bill, rates are reduced for everybody. every tax bracket sees a reduction in the tax rate. the standard deduction for families is double. if you're married couple filing a joint return the first $24000 you are there's a zero tax. then we double the child tax credit. that's something we should do. we need to help those families who have children make sure their family prospers. the child tax credit is one way we can do that. the obama care mandate which is a tax on low and middle income parents i
deficits can't be eliminated with tax increases. we cannot tax enough to fill the hole. we have to address mandatory spending which keeps growing year after year. nearly doubled during the obama administration are friends across the aisle never really said much but it's real, we ought to go to the root cause and not claim that is making tax cuts to make our economy more vibrant and to improve the quality of life for more americans. it's easy to see how on a more personal level families and...
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Oct 31, 2018
10/18
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the deficit is a national security issue. so we have to look at is ways to cut the deficit and look at what we are putting forth for our children. we have to be responsible for this next generation. by being responsible, we have to look at where we stand, where the efficiencies and government are and where the diffusion sears are. work from there. >> here's the problem. and i have had times debate, he claimed to care about the deficit that is going to increase. we are not going to have an ability to pay for infrastructure now. at the same time, pizza party, the republicans, and the president's administration have all call for cuts in medicare as a result of the deficit. i think it is when they want to do something and has no plans to do it,. >> we have to remember -- >> one at a time. like to hear your position but so far, it's been empty words. that's the problem with this campaign. >> are you pledging to never cut medicare, social security or medicaid if you get elected? >> i'm pledging to never cut the programs. >> would y
the deficit is a national security issue. so we have to look at is ways to cut the deficit and look at what we are putting forth for our children. we have to be responsible for this next generation. by being responsible, we have to look at where we stand, where the efficiencies and government are and where the diffusion sears are. work from there. >> here's the problem. and i have had times debate, he claimed to care about the deficit that is going to increase. we are not going to have an...
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Feb 16, 2011
02/11
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our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal sustainability, the president proposes to reduce nonsecurity discretionary spending to its lowest level as a share of the economy since dwight eisenhower was president. to achieve this, the budget proposes a 5-year freeze of annual nonsecurity discretionary spending at its 2010 level. and this will reduce the deficit by more than $400 billion over the next at the point years. the president also proposes to reduce a request for defense spending to freeze civil service salaries, to improve efficiency in government services throug
our deficits are too high. they are unsustainable and left unaddressed, these deficits will hurt economic growth and make us weaker as a nation. we have to restore fiscal responsibility and go back to living within our means. the president's budget cuts the deficit he inherited in half as a share of the economy by the end of his first term. these cuts are phased over time so that we protect the recovery. in order to make it possible for us to invest in future growth and to restore fiscal...
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Jun 16, 2009
06/09
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for his deficits. that's twice, and we haven't gotten to the end of the fiscal year yet. what the c.b.o. projects and this is our own congressional budget office numbers and they're running the tale of how much w we are -- the tally of hw much we are spending and they estimate $1.8 trillion for the deficit by the end of the year. that is about four times the highest deficit president bush ever had. i just say that because people say, well, president bush had deficits too. yes, he did. a lot of that was not justified in my opinion but we never had deficits like this in the history of the american republic. and you have to borrow this money. so this is in march. by sent 30th, we're looking at a deficit of $1.8 trillion this year alone and the whole debt of the american republic since the founding is $5.7 trillion before this year's start. now, what is thahat -- a third d one year? and i would say this. we had hoped the spending and this activity would help improve the unemployment rate but as you can see
for his deficits. that's twice, and we haven't gotten to the end of the fiscal year yet. what the c.b.o. projects and this is our own congressional budget office numbers and they're running the tale of how much w we are -- the tally of hw much we are spending and they estimate $1.8 trillion for the deficit by the end of the year. that is about four times the highest deficit president bush ever had. i just say that because people say, well, president bush had deficits too. yes, he did. a lot of...
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Feb 13, 2010
02/10
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i think you had surplus and then the largest deficit was maybe $530 billion deficit. when you look at the three years of democratic control, their average annual deficit is $1.1 trillion per year. so the average annual deficit for republicans has become the average monthly deficit for democrats when you look at spending and when you take into account there is a $3.8 trillion budget on the table this year that is going to double the national debt in five years and triple the national debt in ten years the american people are joining fiscal conservatives and saying we have got to stop this because the spending is out of control, the taxpayers are not going to put up with it. >> host: can you name one thing he would cut to get the budget deficit in order? >> guest: absolutely. let me give a great example and i would direct people to my website, blackburn.house.gov and they can get more information. the best way to approach this the same way some of the states have and it is across-the-board spending cuts and every year when i was in the state senate in tennessee and agai
i think you had surplus and then the largest deficit was maybe $530 billion deficit. when you look at the three years of democratic control, their average annual deficit is $1.1 trillion per year. so the average annual deficit for republicans has become the average monthly deficit for democrats when you look at spending and when you take into account there is a $3.8 trillion budget on the table this year that is going to double the national debt in five years and triple the national debt in ten...
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Jul 20, 2017
07/17
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doesn't reflect any deficit. capabilities and provisions for things that are yet to be determined. this $20.7 billion we are going to dig it out and just say to just assume zero. >> we are not making any assumptions. >> [inaudible] >> we don't assume that it is a savings or increasing. >> it is a bill not get made into law. any concept we are adapting in this budget is treated as the reserve fund. it's the discretionary and mandatory spending and we have the reserve infrastructure as well. why is this in the budget? >> because they've asked us to provide scorekeeping flexibili flexibility. spent why is it even in the budget? >> it's a reserve fund because it facilitates the ability of the committee in the chairman of the committee to try to address the budgetary issues relating to the policy. it doesn't make the value judgments one way or another. >> i think the staff for their quality time. >> any other questions? i recognize the vice chair. the budget resolutions on the effort be entered into the record includi
doesn't reflect any deficit. capabilities and provisions for things that are yet to be determined. this $20.7 billion we are going to dig it out and just say to just assume zero. >> we are not making any assumptions. >> [inaudible] >> we don't assume that it is a savings or increasing. >> it is a bill not get made into law. any concept we are adapting in this budget is treated as the reserve fund. it's the discretionary and mandatory spending and we have the reserve...
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Jan 29, 2011
01/11
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so we have a huge deficit. one of the things in terms of gdp if we continue taxing 21% we can pay all of our long term expenses except health care. health care is growing greater than inflation and taking a larger portion of the gdp, and that is why the republican plan that seeks to balance long-term actually works. it will balance the budget long-term. the big complication is the way they do it is to eliminate and repeal medicare. if you don't mind repealing medicare, the budget problems are easy. this panel will explore how to get back of the right track and unfortunately we've already started last month the land in the wrong direction. we passed and 850 billion-dollar tax cut bill, $850 billion we indicated in the previous panel the social security is putting in jeopardy if you don't make those corrections. but nobody talked about how big a bill that was. on the last panel $40,000 each you could hire 20 million people at the highest only 50 million with growing debt imply that. 20 million people could be hir
so we have a huge deficit. one of the things in terms of gdp if we continue taxing 21% we can pay all of our long term expenses except health care. health care is growing greater than inflation and taking a larger portion of the gdp, and that is why the republican plan that seeks to balance long-term actually works. it will balance the budget long-term. the big complication is the way they do it is to eliminate and repeal medicare. if you don't mind repealing medicare, the budget problems are...
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362
Nov 2, 2017
11/17
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the senate you have a lot of deficits and in the house the hard right used to be a deficit hawk when there is a spending program and it now seems to given that up although pete pederson today said this would be horrible for the deficit. so it's a different dynamic at a dynamic that makes it harder to pass the bill. you have to win over the house and it makes it harder to win over in the senate. thank you everybody. [inaudible conversations] [inaudible conversations] during a meeting with house republicans and in the white house cabinet room today president trump held the two postcard sized tax mark-ups saying tax forms of this size will simplify life for many americans. c most americans will be able to file taxes on a single sheet of paper. what do you think about that? [laughter] >> great job. thank you. i didn't know i was going to be given a postcard. [laughter] [applause] >> beautiful, thank you. we think we are going to be able to do that and if we have it the way it is now at this moment is going to make life very simple. the only people that aren't going to like this are h&r b
the senate you have a lot of deficits and in the house the hard right used to be a deficit hawk when there is a spending program and it now seems to given that up although pete pederson today said this would be horrible for the deficit. so it's a different dynamic at a dynamic that makes it harder to pass the bill. you have to win over the house and it makes it harder to win over in the senate. thank you everybody. [inaudible conversations] [inaudible conversations] during a meeting with house...
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Jul 5, 2020
07/20
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with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for example, i think that congress should be looking for ways, real resources so that we can deliver that material will well-being to people. the easiest part of any agenda is finding the money. that is the easiest part. that challenge is how many of our nations real productive resources, how many of our workers, how many people, how much of our factories, many machines, much real resources do we want directed to producing public goods, health, infrastructure education, and those sorts of things and how much do we want to leave to the private secto
with deficits to the right very real deficits. they're pressing in many ways so you are right for me, i look at the federal budget as a world document. there are elected officials. they get to write budget the determines where financial resources will be dedicated and to what end. in my view anyway, our elected officials are there to act in the interest of a broad majority the people of this country. and if the people of this country indicate that they want everybody to have health gary for...
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Jul 20, 2020
07/20
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deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was to massively cut taxes on corporations and the wealthiest people in this country, 83 percent of the benefits went to people in the top one percent of the income distribution and those who needed to help but the deficits the government ran and are running become financial surpluses in somebody else's pocket. there deficits become our surpluses. they are red ink is our black tank, the question is who's benefiting from that financial windfall. republicans are happy to run deficits because they know they create a financial sur
deficit is good for someone. when you see the republicans having these huge tax cuts at the end of 2017, these were massive tax cuts that republicans passed knowing they would massively increase deficits so if republicans believe that deficits were inherentlydangerous and they were going to wreak havoc and all these bad things were going to happen . they wouldn't do that. the reality is the republicans understand i think perfectly well that every deficit is good for someone so what they did was...
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0.0
Jul 29, 2022
07/22
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guess i'll say it again, this legislation will bring down the deficit. bring down the deficit. the sixth point i would like to makeki this bill will not raise taxes on anyone making less than $40000 a year. and i promise, a promise made during the campaign in one that i have kept, now look, i know it can sometimes seemed like nothing is done in washington. i know it never crossed any of your minds. the work of the government can be slow, frustrating and sometimes even infuriating. then the hard work of hours and days and months from people refuse to give up, pays off. history is made, lives are changed. this legislation we are facing up to some of our biggest problems and we are taking a giant step forward as a nation. that did not just happen on this inflation reduction bill. it also happened yesterday when the senate made the bipartisan decision, as a nation to invest in america's manufacturingic technology; doctors. additional funding for basic research and development cutting edge industries on the 21st century house passes this bill i want to thank pelosi think she's going
guess i'll say it again, this legislation will bring down the deficit. bring down the deficit. the sixth point i would like to makeki this bill will not raise taxes on anyone making less than $40000 a year. and i promise, a promise made during the campaign in one that i have kept, now look, i know it can sometimes seemed like nothing is done in washington. i know it never crossed any of your minds. the work of the government can be slow, frustrating and sometimes even infuriating. then the hard...
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Jun 27, 2009
06/09
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other deficit reduction actions are going to have to be enacted. this is a good reason to focus the search for pay-fors in areas that are related to health. taxes on sugary soft drinks, taxes on alcohol, capping the tax inclusion on employee sponsored premiums and flexible spending accounts and cuts related directly to medicare and medicaid fit the bill. if health reform is paid for through savings from nonhealth-related parts of the budget, we can expect that when policymakers return to the issue of how we deal with our long-run fiscal future, how we cut the deficit, they are going to -- they are going to inevitably come back and whack whatever is done in health reform, which would not be constructive especially to a new policy trying to get off the ground. finally, everyone should be aware that there is a world audience for health reform and this audience isn't particularly concerned about universal coverage or the quality of healthcare. it's interested in the course of the u.s. deficit and what health reform might do to the borrowing needs of ou
other deficit reduction actions are going to have to be enacted. this is a good reason to focus the search for pay-fors in areas that are related to health. taxes on sugary soft drinks, taxes on alcohol, capping the tax inclusion on employee sponsored premiums and flexible spending accounts and cuts related directly to medicare and medicaid fit the bill. if health reform is paid for through savings from nonhealth-related parts of the budget, we can expect that when policymakers return to the...
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154
Nov 11, 2010
11/10
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a budget deficit and a public trust deficit. we cannot solve the first without addressing the second. so the questions before the commission remains clear. while we listened to the american people, what together to get our country back on track. we say everything is on the table, does not include the health care a lot and are we willing to make the tough choices needed to restore a budget to past levels of spending and revenue that are consistent with robust economic growth. i certainly hope the answer to each of these questions is yes. and i pledge to my fellow commissioner and my constituents of the american people that i'm ready to listen and ready to help find solutions to her spending problems. let me close with just one final thought. i'm the only member on this commission from michigan. over the last four years, my home state has led the nation in a very -- actually the worst possible way. the highest unemployment in the country. in my district alone in five counties dangerously close to 20% unemployment appears above or
a budget deficit and a public trust deficit. we cannot solve the first without addressing the second. so the questions before the commission remains clear. while we listened to the american people, what together to get our country back on track. we say everything is on the table, does not include the health care a lot and are we willing to make the tough choices needed to restore a budget to past levels of spending and revenue that are consistent with robust economic growth. i certainly hope...
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6.0
May 2, 2023
05/23
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when you said that biden had reduced the deficit, he reduced the deficit. let's put it this way, the deficit came down from about three points. this is the annual deficit in 2020 it was about 3.1 and that was covid and all the other things that were going on at that time and yes the deficit has gone from three down to about $1 trillion coming off covid. the problem here is that is the deficit, the annual deficit, it's not the debt. the total continues to grow in in fact the debt has grown under this administration but it's not just this administration. you have to go back. this has been going on for a long time and some of the programs that we have on the books today to be honest with you such as social security and medicare created many years ago and of the roosevelt administrationat with the johnsn administration even longer expansion of the food stamp program under the nixon administration those particularm programs are on the books and they are creating a draw on our spending and so this is a combination i of a number of policies both democrats and repu
when you said that biden had reduced the deficit, he reduced the deficit. let's put it this way, the deficit came down from about three points. this is the annual deficit in 2020 it was about 3.1 and that was covid and all the other things that were going on at that time and yes the deficit has gone from three down to about $1 trillion coming off covid. the problem here is that is the deficit, the annual deficit, it's not the debt. the total continues to grow in in fact the debt has grown under...
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Jul 17, 2014
07/14
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would we have a larger deficit or a smaller deficit than we have today? >> again congressman i don't know the details of that resolution. i presume you would have a small deficit today but i just don't know. we don't look at the policy resolutions carefully and total them up. >> but you have projections in terms of how much revenue would be coming in and how much spending would be done and how much deficit there would be. what was your projection? >> we never had a projection of their budget resolution. the committee often draws on sets of estimates we have done but we don't total up the resolution and say what would happen. we don't have those numbers. >> i wish you would go back to reports and get us the figures that you were giving to us at the time because i remember them being much smaller deficits in the out-years. i remember our health care costs coming back under control. i remember a projection to a balanced budget within 10 years which would be six years from now. do you have no recollection of those events? >> congressman i think they were the
would we have a larger deficit or a smaller deficit than we have today? >> again congressman i don't know the details of that resolution. i presume you would have a small deficit today but i just don't know. we don't look at the policy resolutions carefully and total them up. >> but you have projections in terms of how much revenue would be coming in and how much spending would be done and how much deficit there would be. what was your projection? >> we never had a projection...
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Jul 9, 2019
07/19
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iwe been saying the deficits been a problem since the 1980s. and never forget i was first year i was in the house one of the old bowls, walked up and we were walking to work one day and he laughs and says it's always fun to see the cycle repeated itself when the budget talks come back. he said welcome back. you are here a little bit in the 80s, little bit in the 90s, i want you to know you will be gone in a little bit and i will still be here. i don't spend that money. you get that. and i'm not sure how fashionable fiscal conservative is him is fiscal conservatives him is right now and believe that the president believes it and wishes that we have more control over the spending but it takes two to tango and it's not a dance party. >> what you think about those comments? i think he's absolutely correct it's not a top priority the american public or congress today both republicans and democrats in terms of debt or deficits. it is something that you say applies on both houses. the t difficulty is as millenni has pointed out that you don't know whe
iwe been saying the deficits been a problem since the 1980s. and never forget i was first year i was in the house one of the old bowls, walked up and we were walking to work one day and he laughs and says it's always fun to see the cycle repeated itself when the budget talks come back. he said welcome back. you are here a little bit in the 80s, little bit in the 90s, i want you to know you will be gone in a little bit and i will still be here. i don't spend that money. you get that. and i'm not...
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Aug 1, 2011
08/11
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i wish the president had embraced his own deficit commission sooner more robustly. i wish our leaders, democrat and republican here and over in the house had said, you know, that's a pretty good idea. let's give that a shot. unfortunately, they chose not to do that. it was bipartisan. i think it was bicameral. it's unfortunate. but it is what it is. it is what it is. we need to move forward. and i would just hope that our colleagues will be given the opportunity to provide a lot of input to this bipartisan committee, joint committee that's being created and maybe in their wisdom reporting back to us in the beginning of december will be some of the elements in deficit reduction captured by that deficit commission that are missing in this deal that is before us today. if that happens, this will have been a better outcome than i might have otherwise hoped for. with that, let me yield the floor and say thank you, mr. president. i yield the floor to my friend from south carolina. mr. demint: mr. president? the presiding officer: the senator from south carolina. mr. demin
i wish the president had embraced his own deficit commission sooner more robustly. i wish our leaders, democrat and republican here and over in the house had said, you know, that's a pretty good idea. let's give that a shot. unfortunately, they chose not to do that. it was bipartisan. i think it was bicameral. it's unfortunate. but it is what it is. it is what it is. we need to move forward. and i would just hope that our colleagues will be given the opportunity to provide a lot of input to...
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Oct 31, 2013
10/13
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when unemployment goes down, the deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear. when you don't have a job, you don't pay taxes. when you don't have income, you are not paying payroll taxes, and you're more likely to need government assistance. unemployment is a double whammy for a federal budget. to lower the deficit, we have to lower unemployment. advocates were expecting deficit reduction from the most vulnerable by cutting benefits under medicare, medicaid, children's health insurance program, nutrition assistance, and other vital services ignoring the fact you just shift costs on to senior citizens, parents, and low income hard working people. these cost shifts take money out of the pockets of consumers that would otherwise be spent in other parts of the economy. they help businesses grow and create jobs. cutting benefits cuts jobs. cutting jobs is not the way to reduce the deficit. securing deficit reduction by cutting key investments in education, pell grants, infrastructure, job training, and research and development hinders
when unemployment goes down, the deficit goes down. when unemployment goes up, the deficit goes up. the reasons for this are clear. when you don't have a job, you don't pay taxes. when you don't have income, you are not paying payroll taxes, and you're more likely to need government assistance. unemployment is a double whammy for a federal budget. to lower the deficit, we have to lower unemployment. advocates were expecting deficit reduction from the most vulnerable by cutting benefits under...
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Mar 8, 2011
03/11
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it will be a vote that says deficits don't matter. we can just continue to spend, just continue to invest. it will all get better in the end. it is a vote for more investments and more spending. indeed, we have the -- in a budget committee, which i'm the ranking republican last week, testimony from the department of education. they're asking for an 11% increase when the inflation rate is 2. the department of energy asked for a 9.5% increase. amazingly the department of education came in with a 62% increase in spending. is this the way to bring this country under control? is this what the american people expected when they voted last election and sent a new house of representatives and new senators here? i don't think so. and what do we hear? there will be another vote for fear that we can't reduce spending because the nation will sink into the ocean. i don't think so and the american people don't think so and cities and counties and states are facing these same situations and make tough decisions and being successful at it. so the dec
it will be a vote that says deficits don't matter. we can just continue to spend, just continue to invest. it will all get better in the end. it is a vote for more investments and more spending. indeed, we have the -- in a budget committee, which i'm the ranking republican last week, testimony from the department of education. they're asking for an 11% increase when the inflation rate is 2. the department of energy asked for a 9.5% increase. amazingly the department of education came in with a...
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Dec 21, 2018
12/18
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specifically social security will run a deficit of 18 trillion medicare will have 41 trillion deficit and the interest cost following to pay for those will add 41 trillion more. so look again at annual growth. cbo projects over the next 30 years, social security and medicare deficits and the interest cost will go from 10 percent to 12.6 percent the rest of the budget will have a three.1 percent of surplus as a result of raising revenues and falling spending simply put, the long-term debt problem is a social security and medicare issue and it is protected by cbo over those surpluses but it's not enough for the budget with 100 trillion-dollar projected shortfall of social security and medicare. >> you are now recognized for your testimony. >> thank you for the opportunity to justify a suspect we all agree it's not enough that our debt is perilous but we need a way to deal with it without damaging growth are hurting foldable americans the first thing to do when you are deep in a hole is to stop digging according to the cbo the tax cap passed last year will add almost $2 trillion over the
specifically social security will run a deficit of 18 trillion medicare will have 41 trillion deficit and the interest cost following to pay for those will add 41 trillion more. so look again at annual growth. cbo projects over the next 30 years, social security and medicare deficits and the interest cost will go from 10 percent to 12.6 percent the rest of the budget will have a three.1 percent of surplus as a result of raising revenues and falling spending simply put, the long-term debt...
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93
Jun 17, 2011
06/11
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that plan was very detailed in some aspects and such as the deficit cap, we were doing on health care spending in the out years through our mechanism in other places we just made clear we were willing to hit important targets and medicare and medicaid and other mandatory, and i think -- in in revenues -- and it sends an important signal we were willing to look at all the major budget categories as part of a comprehensive deficit reduction plan. we did say and we do believe that social security should be dealt with in its own right, and should not be looked at as a means for dealing with a 54 tenure deficit problem, but we -- as the president always has, has encouraged a serious bipartisan negotiation and compromise on continuing this has the rock-solid and solvent benefit for future generations as it has been for past generations. as i think you are seeing here, we are not apologetic about the fact that for us a deficit reduction plan is not a means of an end but is a component of the strategy to grow our economy and a way consistent with our value which is to have a growing middle cl
that plan was very detailed in some aspects and such as the deficit cap, we were doing on health care spending in the out years through our mechanism in other places we just made clear we were willing to hit important targets and medicare and medicaid and other mandatory, and i think -- in in revenues -- and it sends an important signal we were willing to look at all the major budget categories as part of a comprehensive deficit reduction plan. we did say and we do believe that social security...
5
5.0
Mar 28, 2022
03/22
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for the primary deficits, total deficits and share of gdp that nothing particularly worrying happened. that isn't to say i think we should pack up our stuff and go home and not worry about this issue that we don't spend money on the right thing necessarily. how to remake the fiscal policy. i think we need to be more humble about how urgent of a problem it is. for the framework, is that a valid way of looking at the situation given the primary deficits that we expect to see coming up in the future? >> it's got to be one of the most influential, and it's important and it was eluded to. the challenges of the deficit the economy before the pandemic was in pretty good shape with rising incomes rising throughout the distribution especially at the bottom. that equality was rising but income was faster at the top. but the rising income at the bottom. so we were in good shape. it was helpful but not enough given what happened as a primary deficit, we were updating our budget outlook and as it was eluded to, the president's budget is coming and at the budget update is similarly hung up behind i
for the primary deficits, total deficits and share of gdp that nothing particularly worrying happened. that isn't to say i think we should pack up our stuff and go home and not worry about this issue that we don't spend money on the right thing necessarily. how to remake the fiscal policy. i think we need to be more humble about how urgent of a problem it is. for the framework, is that a valid way of looking at the situation given the primary deficits that we expect to see coming up in the...
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0.0
Feb 18, 2023
02/23
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the cumulative deficit over 2023. that we now project is $3 trillion larger than we projected last may because of newly enacted legislation and changes to theos economic forecast to boost spending a mandatory programs that federal that held by the public is projected to rise from 98 percent in 223-2118 percent in 2033 the increase of two percentage points per year's over that period the growth of interest cost outpaces the those factors. processed pushing federal that higher still 2195 percent. turning to outlays you can see on the screen the increase of mandatory spending is driven by rising cost for social security and medicare totals cautionary spending falls in relation to gdp the net outlays increase substantially after reaching a historic high the individual income tax receipts are projected to fall in 2023 because collections from capital gains realizations and other sources which have been strong the projected receipts rise after 2025 because off the scheduled expiration the 2017 tax act. to reduce high inflat
the cumulative deficit over 2023. that we now project is $3 trillion larger than we projected last may because of newly enacted legislation and changes to theos economic forecast to boost spending a mandatory programs that federal that held by the public is projected to rise from 98 percent in 223-2118 percent in 2033 the increase of two percentage points per year's over that period the growth of interest cost outpaces the those factors. processed pushing federal that higher still 2195 percent....
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Dec 5, 2017
12/17
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the deficit can't be eliminated with tax increases. we can't tax america's producers enough to fill the hole. we've got to address mandatory spending which keeps growing year after year after year. it nearly doubled during the obama administration during which time our friends across the aisle never really said much about deficits and debt. but it's real. but we ought to go to the root cause of it and not claim that it'sha making tax cuts to help make our economy more vibrant and improve the quality of life for more americans. putting aside the macroeconomic concerns over the tax bill for a moment, it's easy to see how on a more personal level families and workers will benefit, sometimes in accounts over tax reform the more human focus is simply left out, and that's a mistake. for example, in our bill rates are reduced for everybody. every tax bracket sees a reduction in their a tax rate. the standard deduction more families is double. so if you're a married couple filing a joint return, the first $24,000 you've earned, there is a zero
the deficit can't be eliminated with tax increases. we can't tax america's producers enough to fill the hole. we've got to address mandatory spending which keeps growing year after year after year. it nearly doubled during the obama administration during which time our friends across the aisle never really said much about deficits and debt. but it's real. but we ought to go to the root cause of it and not claim that it'sha making tax cuts to help make our economy more vibrant and improve the...
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Aug 2, 2011
08/11
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the nation still thinks the job deficit as well. peopl there's no issue more important for the american people and jobs creation.ork and every american and chooses to o work and find a job our job is undone. goi so we are going tngo to continuu making jobs the number one priority. we ask the republicans to join adelaide stevenson once called business, the most important business there is to read thatso so it's time for congress to get to doing the people'sthing is p business, creating jobs. nothing is more important than n that. my mr. presidentmotion i ask for tm yeas and nays on the motion to concur. >> we will have more from today's debate on the debt ceiling coming up during prime time at 8 p.m. eastern on c-span2. following a series of tweets remarking the capitol looks beautiful tonight and turn on c-span now arizona representative deferreds returned to the house and cast of the last votes to raise the nation's debt ceiling. [applause] sergel america there is a demand that stirs more love, more and admiration, more respect, mo
the nation still thinks the job deficit as well. peopl there's no issue more important for the american people and jobs creation.ork and every american and chooses to o work and find a job our job is undone. goi so we are going tngo to continuu making jobs the number one priority. we ask the republicans to join adelaide stevenson once called business, the most important business there is to read thatso so it's time for congress to get to doing the people'sthing is p business, creating jobs....
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Aug 28, 2015
08/15
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what is the difference between the debt and deficit so start us there. >> guest: the deficit is this year's shortfall and how much more we spend than take in. $450 billion range is what it will be which sounds like a lot but three our four years it was $1.4 trillion range so we are doing better than then. that is a temporary thing and in a couple years we will see it go back up. if you add up each year, the shortfall each year, you get the debt and that is the total amount that we owe. and you can think of it with your house old budget if you run short this week that is your deficit. but if you run short every week, and take money out on credit card this week and week after that that is the debt you are ultimately going to owe. and so when we talk about the national debt, that is what we are talking about. how much the deficit added up each year. the national debt consist of both the debt held by the public, which is the debt that is in your portfolio with government bonds and treasury bonds you have debt held by the public. you are the public. it is the part the chinese and japanese
what is the difference between the debt and deficit so start us there. >> guest: the deficit is this year's shortfall and how much more we spend than take in. $450 billion range is what it will be which sounds like a lot but three our four years it was $1.4 trillion range so we are doing better than then. that is a temporary thing and in a couple years we will see it go back up. if you add up each year, the shortfall each year, you get the debt and that is the total amount that we owe....
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Jul 22, 2017
07/17
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the first is the deficit report commissioned which is meant to look at the bilateral trade deficits the us has of trading partners around the world, we don't know when it will come out, maybe next week, this will be i would argue the target list the president will use to decide which countries to go after with trade deficit numbers that he feels his administration can support and go behind and the fourth thing that i will spend time on are the nafta objectives which were mentioned, which came out on monday, this start a 30 day clock, the administration's objectives for coming negotiations. congress has 30 days to comment. a historic renegotiating, and we do things are worth quoting. the first objective in the 7 page report, number one, improve the us trade balance and reduce the trade deficit with the nafta countries. there is a small trade deficit with canada, and if you include services, the service surplus and deficit it is a wash. with mexico there is a $60 billion trade deficit. that is true. the number one objective to reduce the trade deficit, in the introduction which explains t
the first is the deficit report commissioned which is meant to look at the bilateral trade deficits the us has of trading partners around the world, we don't know when it will come out, maybe next week, this will be i would argue the target list the president will use to decide which countries to go after with trade deficit numbers that he feels his administration can support and go behind and the fourth thing that i will spend time on are the nafta objectives which were mentioned, which came...
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42
Nov 28, 2017
11/17
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it was designed in its inception to reduce the deficit. ironically what we will see with the proposed senate tax plan is an increase in the debt rather than a deduction. that seems to be the intent of the sponsors and it is what we will consider. we took a look at some of the proposals in the senate republican plan. it's no secret that this plan would bankroll massive tax cuts for the wealthiest people in america and the largest corporations and it would raise taxes on middle-income families. if that seems like contrary thinking to what most americans were looking for, it is. time p and -- time and again we were told that the average american needs a helping hand. i certainly understand that in oil know and a -- in illinois and across the nation. this tax plan will not help working families. at best it gives them a temporary tax cut which later ends up as a tax increase. however, if you happen to be among the wealthiest americans, good news in the republican plan, there will be substantial tax cuts in the permanent law. the work for -- the
it was designed in its inception to reduce the deficit. ironically what we will see with the proposed senate tax plan is an increase in the debt rather than a deduction. that seems to be the intent of the sponsors and it is what we will consider. we took a look at some of the proposals in the senate republican plan. it's no secret that this plan would bankroll massive tax cuts for the wealthiest people in america and the largest corporations and it would raise taxes on middle-income families....
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Jul 24, 2020
07/20
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the deficit hawks like mulvaney tand ryan were just saying trillion dollar deficits, that's fine. how do you account for that? how do you account for these in norma's budget deficits prior to the pandemic that the republican party was just acquiescing to? >> guest: the most consistent failure of both parties over the last 20 years without doubt has been in the area of deficits and overspending. government overspending. if you think bipartisanship is dead inwashington just give them abig spending bloated deal and bipartisanship does seem to come back around . you're right about that , the caller is right in that even with an economy that was growing pretty well in the first two and half years, three years of the trumpet ministration due to tax cuts and good policies that were implemented there was still a deficit being run around $1 trillion and that's frightening you're in good economic times to have a deficit that big on a budget that's barely over $4 trillion . that's too much by the way. so both parties failed during the bush years. spending was out of control during the obamay
the deficit hawks like mulvaney tand ryan were just saying trillion dollar deficits, that's fine. how do you account for that? how do you account for these in norma's budget deficits prior to the pandemic that the republican party was just acquiescing to? >> guest: the most consistent failure of both parties over the last 20 years without doubt has been in the area of deficits and overspending. government overspending. if you think bipartisanship is dead inwashington just give them abig...
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0.0
May 1, 2023
05/23
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@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson administration, even under expansion of the food stamp program under nixon administration, n,those programs are all the books they are creating a draw on our spending so this is a combination of number of policies will republican democrats over the years it's a not one estrogen is for a level of debt we have today is a culmination of many years of policies we've established a or currently pay for our expenditures on an annual basis. >> all on screen you mentioned washington post did nine key moments of the national debt and is things like the bush tax wars in iraq a afghanistan, m
@ yes, the deficit, the deficit has gone from three down to about $1 trillion. that's coming off covid problem is next to deficit your annual deficit t is not the debt this all continues to grow in fact yet has grown under this administration but it's not just as you go quite a ways this is been going on for a long time and some of the programs we have on the books today be honest with you such as social security and medicare created many years ago the roosevelt administration, johnson...
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Dec 1, 2017
12/17
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the hole it blows in the deficit will make no mistake, endanger social security, medicare and medicaid. republicans, including president trump, have openly admitted they will seek changes in this program after the tax bill. senator sanders has outlined eloquently how dangerous this bill is to the future of social security and medicare, and i know our republican colleagues came down to argue against him. we're all on the defensive. all the things our president and republicans say they wanted to do are not happening, and this bill moves in the opposite direction, not only on helping the wealthy and not helping the middle class in the way it needs but also in endangering social security and medicare. most insidious of all, the bill hides a ticking time bomb of middle-class tax hikes at the center of our tax code. who could want to vote for that? many of my republican friends feel the hard right, big, wealthy corporate interests will put these ads on tv saying the bill helps the middle class. it's not going to work. when the middle class gets a tax increase, they're going to know why and t
the hole it blows in the deficit will make no mistake, endanger social security, medicare and medicaid. republicans, including president trump, have openly admitted they will seek changes in this program after the tax bill. senator sanders has outlined eloquently how dangerous this bill is to the future of social security and medicare, and i know our republican colleagues came down to argue against him. we're all on the defensive. all the things our president and republicans say they wanted to...
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166
Jul 12, 2011
07/11
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eye 166
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def $1.3 trillion in deficit savingo according to cbo. mr. president, in conclusion,w f the overview of the budgethat framework that we are offering our colleagues for their $ consideration provides $4 trillion in deficit reductios over ten years. it's actually 5 trillion if measured on the same basis as the fiscal commission.hat we we have adopted what we think is a more plausible baseline int light of things that haveed s happened so far this year. still lies the debt by 2014, tht deficit to 2.5% of gdp by 2015 and 1.3% by 2021. tax r but tax reform that simplifieso, that goes after offshore tax havens and tax shelters and previews fairness and we rejectt the house gop plan to end the to medicare as we know it andwe prt protect education, energy andins infrastructure investments.ic we have balance the deficit and debt reduction plans, cuttinging spending by about $2 trillion, providing additional revenue by about $2 trillion. as let me conclude as i began by r saying ourev revenue plan woulds scored by the congressional budget office as bei
def $1.3 trillion in deficit savingo according to cbo. mr. president, in conclusion,w f the overview of the budgethat framework that we are offering our colleagues for their $ consideration provides $4 trillion in deficit reductios over ten years. it's actually 5 trillion if measured on the same basis as the fiscal commission.hat we we have adopted what we think is a more plausible baseline int light of things that haveed s happened so far this year. still lies the debt by 2014, tht deficit to...
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0.0
Apr 19, 2023
04/23
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by the way, i was able to cut the deficit by $1.7 billion in two years. and we passed the budget and i'm proposing we lower spending. were going to lower spending by $160 billion because that's the way we change prescription drug costs so let's take a closer look at what he didn't say. critical programs for hard-working americans and we slashed next year if he has his way. he didn't tell you the leading house republican proposal to cutdiscretionary spending by 22 percent . higher cost for preschool, higher costs for college. 200,000 children lose access to headstart spots and even more would lose access to childcare altogether. there would be higher costs for housing, for veterans, people with disabilities and families with children. longer wait times for eo medicare benefits. running seniors of their healthy programs, leaving our brave warriors unable to check on mental health services or treatment for substance abuse disorders . congress passed pact act to help veterans exposed by toxic burn pits, these cuts will make it harder for us to meet that sacre
by the way, i was able to cut the deficit by $1.7 billion in two years. and we passed the budget and i'm proposing we lower spending. were going to lower spending by $160 billion because that's the way we change prescription drug costs so let's take a closer look at what he didn't say. critical programs for hard-working americans and we slashed next year if he has his way. he didn't tell you the leading house republican proposal to cutdiscretionary spending by 22 percent . higher cost for...
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Jun 20, 2020
06/20
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eye 23
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we are never going to address deficit - spending until we are talking about it. last year was the worst example of political courage. they kicked the can down the road until, you knew what they were going to do, do a budget deal on july 2, '05, wait until everybody was wanting to leave to go on august recess and that is how it works and appropriations we did right before christmas. this is not productive. we need to have hearings, vote on things individually, get off our automatic spending, we need to revisit everything every year and make responsible financial decisions and that comes to this financial reform. there's a ton of other things that are low hanging fruit but until we talk about debt to deficit in our budget we will never be able to make meaningful progress. >> timmons brings up a lot on process, shifting to a biannual budget rather than budgeting every year on the discretionary side, that would have positive impact to slow us down and refocus us but to just add one nugget at the top of our time, we need to have a real look at the efficiency we delive
we are never going to address deficit - spending until we are talking about it. last year was the worst example of political courage. they kicked the can down the road until, you knew what they were going to do, do a budget deal on july 2, '05, wait until everybody was wanting to leave to go on august recess and that is how it works and appropriations we did right before christmas. this is not productive. we need to have hearings, vote on things individually, get off our automatic spending, we...
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24
Mar 6, 2017
03/17
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deficits are then substantially from what they were at the height of the great recession. however, they are on path to still increase and will reach trillion dollar deficits begin by 2023. over the long-term significant levels of debt as a share of the gone over the long-term. glenn, what your perspective on this outlook? how urgent we need to do with it and what's the right timetable? >> it's a great question and also with respect to the timetable, the fiscal situation facing the united states over the medium to long run is not good, and we know that we know what the underlying drivers are having to do with entitlement programs and their growing share of the budget. having said that, i do not expect in the near-term a serious effort at restraining future debt. indeed, if there were pressures they might go in the other direction depending on choices made both in the budget and in a tax bill. i think the administration should be rightly focused first on raising growth. the president has i think quite successfully reset expectations growth. he and the carver sent to deliver
deficits are then substantially from what they were at the height of the great recession. however, they are on path to still increase and will reach trillion dollar deficits begin by 2023. over the long-term significant levels of debt as a share of the gone over the long-term. glenn, what your perspective on this outlook? how urgent we need to do with it and what's the right timetable? >> it's a great question and also with respect to the timetable, the fiscal situation facing the united...
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107
Mar 8, 2011
03/11
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is going up every singlr deficit is $600 billion. the highest single deficit heres president bush had which was too high, 450. l the lowest they will have hi 600 billion according to thepren president's own members he sent th is to us. this is not an acceptable tothis have. we are on the wrong road. this is a road to decline. it is the road to dependence ony foreign sources of money, to finance outstanding at. it's not the road to prosperitye and growth. we simply have to make some gov tough traces. we have tole make this governmet leaner and more productive. we need to create growth and grh prosperity. prosper and the growth and prosperity has to be in the private sector. that is who pays the taxes that healthy government and a failure to act at this point in history, after all the discussion we'vehe had in the net commissions have bt met all have called for a substantial reductions in spding. spending but congress doesn't get so this is a demoralizing thing really for our people for our government, for investors ig the united state
is going up every singlr deficit is $600 billion. the highest single deficit heres president bush had which was too high, 450. l the lowest they will have hi 600 billion according to thepren president's own members he sent th is to us. this is not an acceptable tothis have. we are on the wrong road. this is a road to decline. it is the road to dependence ony foreign sources of money, to finance outstanding at. it's not the road to prosperitye and growth. we simply have to make some gov tough...
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13
Dec 5, 2020
12/20
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deficits in health-care, deficits in education, deficits in our infrastructure. climate def sat and so -- deficit so we are negging at the deficits that matter out of peer and misunderstanding, misplaced concerns about arbitrary numbers on balance sheets. so a lot of the book is really knocking down the first six chapters knocking down the biggest myths that we're told, and then opening up entails for are different kind of conversation to really change the questions so that we're no longer asking how will we pay for it? we instead begin to ask, how will we resource it? how will our country come up with the nurses and the doctors and the teachers and the faculty that we need to provide education for everyone, to provide health-care for everyone. what kind of a world could we have if we changed the question, and so that is real where what the book attempts to do. >> i think asking different questions is kind of a theme of a lot of the books on the panel today and that's great. so, now we'd like to turn to imani perry, the professor of africa studies at princeton un
deficits in health-care, deficits in education, deficits in our infrastructure. climate def sat and so -- deficit so we are negging at the deficits that matter out of peer and misunderstanding, misplaced concerns about arbitrary numbers on balance sheets. so a lot of the book is really knocking down the first six chapters knocking down the biggest myths that we're told, and then opening up entails for are different kind of conversation to really change the questions so that we're no longer...
137
137
Mar 8, 2011
03/11
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security does not add to the deficit. currently there is a surplus in the social security trust fund, and that trust fund is being invested in government securities and being paid interest, but it does not add to the deficit. and so many of my colleagues argued why are we debating social security as part of deficit reduction if it doesn't have a direct connection? and that's a legitimate point. i've raised the same point myself. i think we should look at it. we should do it in a separate and parallel track to deficit reduction. and i welcome what senator mcconnell said. let's have that conversation. but i don't think that it needs to be the necessary starting point for deficit reduction because there is no connection between the two. then i heard senator mcconnell say that the president has not shown leadership on medicare. i respectfully disagree with senator mcconnell. the whole debate about health care reform was lowering the cost of health care. you cannot balance the budget of america with 13 million people unemploye
security does not add to the deficit. currently there is a surplus in the social security trust fund, and that trust fund is being invested in government securities and being paid interest, but it does not add to the deficit. and so many of my colleagues argued why are we debating social security as part of deficit reduction if it doesn't have a direct connection? and that's a legitimate point. i've raised the same point myself. i think we should look at it. we should do it in a separate and...
135
135
Jun 9, 2009
06/09
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-- just this year's projected budget deficit. the deficit for this year alone is an eye popping $1.8 trillion. this doesn't even take into consideration the more than $12 trillion public debt we currently owe. here's what would have to happen to the tax rate. the rates for the top four brackets would skyrocket from the current rates of 35%, 33%, 28%, and 25% to an alarming 90% across the board. just imagine people would have to work until thanksgiving just to pay the taxes. some may say, well, this is great. tax the rich. because they can afford to pay more in taxes. yet, those making up to third and fourth brackets, mr. president from the top can hardly be characterized as rich. let's look at who actually falls in those income brackets. currently for tax year 2008, people who call under the 25% bracket will earn about $32,000 to $78,000. now, does anyone really want to come here to the senate floor and make the case that somebody making $32,000 a year in nebraska is rich? the average salary in nebraska is $35,000. i don't know a
-- just this year's projected budget deficit. the deficit for this year alone is an eye popping $1.8 trillion. this doesn't even take into consideration the more than $12 trillion public debt we currently owe. here's what would have to happen to the tax rate. the rates for the top four brackets would skyrocket from the current rates of 35%, 33%, 28%, and 25% to an alarming 90% across the board. just imagine people would have to work until thanksgiving just to pay the taxes. some may say, well,...
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66
Feb 9, 2018
02/18
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trillion-dollar deficit this year. it's going to be bigger, probably, but we were approaching a trillion dollars before they added $300 billion in new spending to this. so this is a problem. this is a big deal. and what i have said all day long, i will vote all day long to start the process, open the doors. we could have had 40 amendments today. we have been at this all day, with the other side blocking amendments, trying to have no debate and trying to close the door so a secret deal, a deal done in secret could be forced on everyone else. so yes, we should have debate, yes, we should have a vote. let's have a vote tonight on amendments. let's have amendments. let's determine whether the american people or the senate are really in favor of busting the caps. i have one amendment. i'm not asking for a dozen amendments. i'm not asking for a hundred amendments. i'm not asking for a thousand amendments. i'm asking for one. it takes 15 minutes. so realize these people all day that want to paint a picture -- one, they are em
trillion-dollar deficit this year. it's going to be bigger, probably, but we were approaching a trillion dollars before they added $300 billion in new spending to this. so this is a problem. this is a big deal. and what i have said all day long, i will vote all day long to start the process, open the doors. we could have had 40 amendments today. we have been at this all day, with the other side blocking amendments, trying to have no debate and trying to close the door so a secret deal, a deal...
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19
Oct 15, 2016
10/16
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or is there deficit reduction? >> long-term we will need deficit reduction but our deficit reduction efforts which have been significant are heavily weighted toward spending and a lot of the drivers of long-term deficits are the aging of the population and demographic trends. >> if she won -- i looked at policies and what i said about deficit reduction and it is important i engage deficit reduction in my first term, where you tinker with or changed dramatically? >> we need to look at the revenue side more than we have in recent years. >> you say raise taxes more than you are proposing? >> i would consider it. >> which one did she not raising you would want to raise? >> you could potentially go higher. >> individual. from how high? >> the exact number. there is a recent study in the journal of economic literature that finds no reasonable evidence for convincing evidence that raising rates on high income people will result in real economic effects so there are changes in the timing and realization of income but it is
or is there deficit reduction? >> long-term we will need deficit reduction but our deficit reduction efforts which have been significant are heavily weighted toward spending and a lot of the drivers of long-term deficits are the aging of the population and demographic trends. >> if she won -- i looked at policies and what i said about deficit reduction and it is important i engage deficit reduction in my first term, where you tinker with or changed dramatically? >> we need to...
122
122
Jun 9, 2009
06/09
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so all told, in the next four years the deficit will be cut in half. over the next decade, nondefense discretionary spending will reach its lowest level as they share of our national income since we began keeping records in 1962. but we must go further, and one important step we can and must take is restoring the so-called asu will rule, or paygo. this is a rule i champion in the senate and called for time and again on the campaign trail. today, with the support of these legislators, including the speaker of the house, my administration is submitting to congress a proposal to codify this rule into law. and i hope that the house and senate will act quickly to pass it. [applause] >> the pay-as-you-go rule is very simple. congress can only spend a dollar if it saves a dollar elsewhere. this principle guide reached possible families for managing a budget and it is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s. and that when this rule was abandoned we return to record deficits that doubled the
so all told, in the next four years the deficit will be cut in half. over the next decade, nondefense discretionary spending will reach its lowest level as they share of our national income since we began keeping records in 1962. but we must go further, and one important step we can and must take is restoring the so-called asu will rule, or paygo. this is a rule i champion in the senate and called for time and again on the campaign trail. today, with the support of these legislators, including...